Term Insurance Cash Value

Term Life Insurance, unlike permanent life insurance, does not accumulate a cash value. This term life insurance grants a guaranteed death benefit and is 100% convertible into a permanent life insurance policy up to the age of 65, as long as the policy remains current and intact. Term life insurance offers the purchaser a low monthly life insurance rate, or premium, in exchange for a limited term for the policy''s existence. Term life insurance policies can be purchased for 5, 10, 15, and 20 year terms, depending on the needs of the purchaser and the beneficiaries. Term life insurance is considered pure insurance protection, and as the original form of insurance, it doesn’t build cash value. The reason for developing this type of insurance was so that people on a limited budget could get thousands of dollars in protection.

Annual Renewable Term

Annual renewable term life insurance allows you to renew your policy when it expires, often without undergoing another health exam. This can be a tremendous benefit for a policy holder who develops an illness during the initial policy term.

Annual renewable term life insurance is renewable every year, without proof of insurability. The main drawback associated with annual renewable term, as well as other types of term insurance, is that premiums increase every time you renew your life insurance coverage. Annual renewable term life insurance is the least expensive of all term policies as it is renewed every year. Therefore, the premium also increases with the increase in the customers'' age. Annual renewable term life insurance is designed for people with short term needs such as to pay off a loan. Since the initial premiums are low it is also suited for people within a budget and who have dependants.

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 Convertible Term Insurance

Convertible term insurance is a type of insurance coverage that may be converted to a whole or permanent insurance policy, assuming that applicable conditions are met. While not offered with every type of term insurance policy, convertible term insurance has become more common than in past years.

Convertible Term Insurance is a flexible form of term insurance which gives you the chance to convert your ''temporary''' term insurance into a more ''permanent'' life insurance policy. Convertible Term Insurance is often initially purchased at a young age because the premium costs are relatively low and the coverage includes all the basic features normally offered by Term Insurance policies. At a young age Convertible Life Insurance provides sufficient coverage to meet simple needs and protect against a premature death.